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Influence of Informal Financial Institution on Poverty Reduction in Enugu State – Nigeria

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Influence of Informal Financial Institution on Poverty Reduction in Enugu State – Nigeria


Aniagu Lauretta Ngozi | Nwankwo Frank



Aniagu Lauretta Ngozi | Nwankwo Frank "Influence of Informal Financial Institution on Poverty Reduction in Enugu State – Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5, August 2021, pp.2106-2110, URL: https://www.ijtsrd.com/papers/ijtsrd46271.pdf

Informal financial institutions are those financial institutions found in the rural areas through which rural dwellers save their money on a short term basis and also source funds when they are in need. This paper examined the influence of rural informal financial institutions in achieving poverty reduction in the area of the study. It was observed that rural dwellers are handicapped when it comes to financing any meaningful project. It is equally very difficult for them to raise enough funds, especially from formal financial institutions to make small scale investments hence the vicious circle of poverty. The data used were from primary and secondary sources. Two hundred and fifty (250) respondents were chosen using Random Sampling Technique and two hundred and thirty-five (235) answered and returned their questionnaire. The analysis was done using descriptive statistics. The result revealed that for all the informal institutions, their main source of fund constitute the monthly due contributed by members, that the majority of rural dwellers save between N6, 000 – N10,000, that the majority of the rural institutions disburse loans on providing an acceptable surety and it constitutes 64%. The study concluded that informal financial institutions have a great influence on poverty alleviation in Enugu State-Nigeria. Among others, it was recommended that the institutions should strive to increase savings to disburse more loans to the applicants for meaningful projects.

Informal Financial Institution, Poverty Reduction, Enugu State and Nigeria


IJTSRD46271
Volume-5 | Issue-5, August 2021
2106-2110
IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470
Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

International Journal of Trend in Scientific Research and Development - IJTSRD having online ISSN 2456-6470. IJTSRD is a leading Open Access, Peer-Reviewed International Journal which provides rapid publication of your research articles and aims to promote the theory and practice along with knowledge sharing between researchers, developers, engineers, students, and practitioners working in and around the world in many areas like Sciences, Technology, Innovation, Engineering, Agriculture, Management and many more and it is recommended by all Universities, review articles and short communications in all subjects. IJTSRD running an International Journal who are proving quality publication of peer reviewed and refereed international journals from diverse fields that emphasizes new research, development and their applications. IJTSRD provides an online access to exchange your research work, technical notes & surveying results among professionals throughout the world in e-journals. IJTSRD is a fastest growing and dynamic professional organization. The aim of this organization is to provide access not only to world class research resources, but through its professionals aim to bring in a significant transformation in the real of open access journals and online publishing.

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